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Coinbase CLO Responds to SEC's Opposition
Coinbase's Chief Legal Officer, Paul Grewal, responded to the SEC's opposition to the company's motion to dismiss the case against it. Grewal criticized the SEC for making unsupported legal claims and emphasized that the assets listed on Coinbase are not securities. He also called for regulation that listens to the crypto community and mentioned that Coinbase will file its reply on October 24, 2023.
Terraform Labs CEO Asks for Dismissal of SEC Charges
Do Kwon, CEO of Terraform Labs, has requested the dismissal of charges filed by the SEC, arguing that the claims are invalid and that the agency lacked proper jurisdiction. Kwon's counsel stated that Terra's tokens and projects were not specifically targeted at U.S. investors. The South Korean district court previously dismissed security violation charges against the co-founder of Terraform Labs, Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act.
Crypto Lawyers Dispute SEC Chief's Jurisdiction Claims
Lawyers for the cryptocurrency industry have challenged recent comments made by the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, in which he claimed that all cryptocurrencies except Bitcoin fall under the agency's jurisdiction. The lawyers argue that the SEC must prove its case in court for each token individually before it can claim jurisdiction over them.